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HF 1768

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/15/2023 09:11am

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 02/14/2023

Current Version - as introduced

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A bill for an act
relating to the city of Bloomington; modifying special TIF authority for the Central
Station district; amending Laws 2008, chapter 366, article 5, section 26, as
amended. amending Laws 2008, chapter 366, article 5, section 26, as amended.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Laws 2008, chapter 366, article 5, section 26, as amended by Laws 2013, chapter
143, article 9, section 11, and Laws 2019, First Special Session chapter 6, article 7, section
2, is amended to read:


Sec. 26. BLOOMINGTON TAX INCREMENT FINANCING; FIVE-YEAR RULE.

(a) The requirements of Minnesota Statutes, section 469.1763, subdivision 3, that
activities must be undertaken within a five-year period from the date of certification of a
tax increment financing district, are increased to a deleted text begin 21-yeardeleted text end new text begin 26-year new text end period for the Port
Authority of the City of Bloomington's Tax Increment Financing District No. 1-I,
Bloomington Central Station.

(b) Notwithstanding the provisions of Minnesota Statutes, section 469.176, or any other
law to the contrary, the city of Bloomington and its port authority may extend the duration
limits of the district for a period through December 31, 2039.

new text begin (c) Notwithstanding the provisions of Minnesota Statutes, section 469.176, or any other
law to the contrary, the city of Bloomington and its port authority may extend the duration
limits of undeveloped parcels within District No. 1-I for a period through December 31,
2049. For the purposes of this paragraph, "undeveloped parcels" means any parcel that does
not have a building on it.
new text end

deleted text begin (c)deleted text end new text begin (d) new text end Effective for taxes payable in 2014, tax increment for the district must be computed
using the current local tax rate, notwithstanding the provisions of Minnesota Statutes, section
469.177, subdivision 1a.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance by the city of
Bloomington, Hennepin County, and Independent School District No. 271 with the
requirements of Minnesota Statutes, section 469.1782, subdivision 2.
new text end